jvr20

what's up with the GBP?

USD 2.043 yesterday!

Does anyone in the know have any speculation on the AED and whether it's likely to be unpegged any time soon?

Thinking purely selfishly, , fag packet calculation, I've lost 50 quid per AED 10000 since I arrived in late Feb!

ZIGGY2007

Didn't look likely unless the other GCC want the pegging to stop but the impact that this is having on the construction industry may move for fast turnaround as the incoming Indian workers to Dubai it is not a good option for them now due to the Dollar and high inflation in Dubai...so who knows if they can't get the workers in then the expansion plan may grind to a slow halt,and we know that won't be allowed to happen...hold onto the pennies until you really need to exchange

Eeyore

Sheikh Mo said some months back that Dubai's inflationary problems are primarily linked to the price of accommodation and that unpegging the dirham wouldn't help that - only the release of all the new properties that have been under construction for years would ease the pressure on the market.

Which is true, but then again, he's probably under pressure from the USA to keep the peg in place. I don't foresee it lasting all that much longer, though - maybe a few years. And if more and more countries make the switch from paying for oil in dollars to paying for it in euros, the American economy is going to find itself in even more trouble.

rushey

That peg must be killing you guys out there. Apparently I read that Kuwait was looking at devaluing there currency as there imports were now beginning to hurt the economy. Its only set to get worse, predictions are that it will be $2.10 before you will see a downturn. Interest rate rises in the UK have dont little to stiffle peoples inability to stop spending money in our debt riden society so they will go up again before Xmas

On a purely selfish note its great for my Dubai property purchase

R.

Madam Medusa

on a purely selfish note, it's great for me too cos hubbie gets paid in pounds...i can feel a spending spree coming on this avo, lol...

MM, xx

Inselaffen

on a selfish note its terrible for me

rushey

Well I made my first downpayment in May and got 1.95 and I have just bought forward at 2.05 for the next one due in November. Great news, nearly a 5% saving for doing nothing !

R.

Madam Medusa

awwww soz Inselaffen...people normally gloat cos we have to pay UK tax, so it's nice for once to be in the better off seat, doesn't happen often!!!

How's you today...?
MM, xx

jvr20

that's odd - I'm sure i read that even if you're paid in GBP into a UK bank a/c you are still exempt from taxes if you don't exceed the 183 in any given tax year / 91 day rolling average over 4 tax years rule!

Inselaffen

getting better sweety! my troubles look like they will be sorted!
might have to take u up on your offer if I cant find an alternative though!

and gloat on!! wish i was being paid in real money

Madam Medusa

no, we got a better expat package with hubbie's company by paying the tax than being on local terms. The UK Govt doesn't get the tax, as far as i'm aware, the company keeps it...still means we're 40% worse off whoever pockets the dosh!

MM, xx

Madam Medusa

things are sounding more positive, great...and no probs, i told you, just let me know...

MM, xx

W10

They already did...

Inselaffen

well they are still being bloody difficult! saying they want the bankers draft (demand draft) 1 day before the flight! just cant trust them!

why do they need 1 day when its an irrevocable draft?? absolute C#nts!

rushey

I was last over in Dubai last April and it was being banded about then in an attempt to give Bush a kick up the arse about the poor dollar. Housing market suffering badly in the US meaning they will have to cut there interest rates, whereas the UK's will be up again before Xmas. Ever widening gap is only going to weaken the dollar further ! Analysts here can see $2.10 on the horizon which is unheard of in my lifetime

R.